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CA.Sonia (Querist)
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30 December 2009 1.I am engaged in wholesale business and also have a commission agency. My turnover from wholesale business this year is Rs.38 lakh while my commission income is Rs.5 lakh. Do I have to get my accounts audited since the total is exceeding Rs. 40 lakhs?

Arjuna Raina

Arjuna Raina (Expert)
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30 December 2009 no if one of your business exceeds 40lacks then audit

CA.Sonia

CA.Sonia (Querist)
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30 December 2009 But i feel the momment my turnover exceeds 40 lakhs of my both business i need to get my books of a.cs audited?

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)
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30 December 2009 Both are business income hence these will be clubbed because the nature is of sales and gross receipts.

See Section 44AB of the Income Tax Act which requires tax audit where total sales, turnover or gross receipts exceeds Rs.40 Lacs.

CA.ViVeK M ACA

CA.ViVeK M ACA (Expert)
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30 December 2009 I do agree with Mr surendra kumar......Audit requirement under section 44AB will emerges

Heera Nahariya

Heera Nahariya (Expert)
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30 December 2009 Agree with Sir Rakhecha & expert Mr. Vivek

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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30 December 2009 calculation of turnover is Assesse wise not business wise.(sec.44AB)

Arjuna Raina

Arjuna Raina (Expert)
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31 December 2009 AGREED

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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31 December 2009 agree to all

Vishnu Saboo

Vishnu Saboo (Expert)
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03 January 2010 yes , you are thinking right Sonia.

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